FOCUS MINERALS JUNE GOLD PRODUCTION UP 34% AS NEW MINES START; JUNE QUARTER PRODUCTION GUIDANCE MET; ON TRACK FOR ANNUAL TARGETS
- Strong finish to Quarter producing 8,196 ounces of gold in June
- Met June Quarter guidance producing 18,102 ounces of gold
- Ore production commenced at second open pit and permits received for third
Focus Minerals (ASX: FML), a leading Australian gold producer, has delivered a strong June performance producing 8,196oz of gold, a 34% increase in production on the March Quarter’s monthly average, as mining ramps up at its two new operations in the eastern goldfields region of Western Australia.
The company delivered 18,102 ounces of gold for the Quarter, in line with its market guidance. It is targeting 100,000oz in Calender 2011.
“June has been an exceptional month for operational delivery and indicative of where Focus Minerals is heading as a gold producer,” Focus Chief Executive Campbell Baird said. “Our strategy to build production in the second half of calendar 2011 is well and truly on track.
“During the first part of the quarter we were focused on the development our new open pit operations in Coolgardie and underground operation at The Mount. These have all hit key milestones.”
Production was sourced from Focus’ established Tindals Mining Centre underground operation in Coolgardie with the addition of development ore from two new mines that it has opened during the Quarter – The Tindals open pit operations in Coolgardie, and The Mount underground operations in Widgiemooltha.
During the Quarter, significant advancements were made at the new Tindals Open Pit operations, with the first production ore being processed from the Empress Open Pit and commencement of ore development at the Dreadnought Open Pit. Approvals were also received at the end of the month to commence development at Big Blow, the third pit at the operations. Following the commencement of stoping at The Mount in the middle of June, ore has successfully been moved to the surface to start joining development ore in production.
“Operationally we are in a good place to continue to build production,” said Mr Baird. “Our Three Mile Hill processing plant has just processed a record 1.2 million tonnes for the 2011 financial year so we are very confident as the ore from the new operations begins to hit the mill.”
Mr Baird said with three strong producing operations and the prospect of adding production from the Laverton Gold Operations on the successful completion of the recommended takeover of Crescent Gold, Focus will become a Top 5 Australian gold producer, targeting annual production of 230,000oz, and with a combined JORC resource base of 4.3Moz of gold. Focus’ offer for Crescent Gold closes on 1 August 2011 (unless extended).